Submitted by julie_phelps on Fri, 09/30/2011 - 09:04
What is a Texas cash out loan?
What is a Texas cash out loan?
Would'nt my husband and I know if we had this type of loan? After learning we had quailified for the HAMP program, we eagerly awaited for papers concerning that, but nothing arrived. I finally started calling our mortgage company once or twice a week for the last month to talk with our case worker to no avail. After talking with "the next availiable specialist", he tells me that no we are not quailified for the HAMP program because we have a Texas cash out loan and that foreclosure is set for March 6th. Anybody know about this kind of loan?
412 Answers
Votes
Older
Newer
1
Hi Julie,
You should know if you have taken out a Texas cash out loan. You should check out your mortgage docs in order to find out if your loan is a Texas cash out loan. Laws regarding Texas cash out loans are different and that can be one of the reasons why you may not have qualified for HAMP. You can apply for a normal loan modification and check out if your lender will accept your request.
Thanks
1
it is Important to understand What you are Signing for , if you do not Understand Hire Lower to help you through the proccess. in Past Mortgage Companies are charged Home Buyers extra fee and illegal charges , all the banks . If you already own House and Borrowing money or refinancing in that case you will get Money Equity Loan ,your House is 100.000 $ Worth on the Market so Bank can give you 80% from your House Value 80.000$ , some bank are can give 100 % . There are two thing exist one is if you already Owe money to bank 80 000 $ and Your House is Worth 100000 $ you can get 20.000$ from Bank 20 % and Use it for your Bills or debt to pay off , Second things is refinance your House ,Whatever % left to pay from your House to Bank, you can Borrow Money from Other Bank or same Bank Lower % interest rate Loan (Money) so your Monthly bill will be less ,Only thing is Term will be longer .
I want to refinance my loan but the loan officer says the max he can lend is 80%. Why is that?
http://www.homestartcapital.com/faq/cash-out-refinance-in-texas/#top">back to top
In the state of Texas once you have completed a cash-out or home equity loan on your homestead or primary residence the maximum loan-to-value (LTV) allowed thereafter is 80%. This restrictive ruling is actually part of the Texas Constitution (see section 50 (a) (6) article XVI). County records identify the fact that the home had previously had home equity lien filed against it. This will be the case until the home is sold or conveyed to a different party removing this restriction. Until then, the maximum allowable loan-to-value is 80%. So if you are in the process of refinancing your current loan please remind your HomeStart Loan officer if you had previously performed a cash-out or home-equity loan against your home.
What is the maximum loan to value on a cashout loan?
http://www.homestartcapital.com/faq/cash-out-refinance-in-texas/#top">back to top
In the state of Texas cash-out and home-equity loans for homestead properties are restricted by the Texas Constitution (see section 50 (a) (6) article XVI). This article restricts cash-out loans to a maximum loan-to-value (LTV) of 80%. In other words, if your home is worth $100k the maximum allowed loan on the home would be $80k. If the home is not designated as a homestead or primary home, the maximum loan-to-value is usually 90%. Of course, the above is subject to approval. Ask your HomeStart loan officer to explore your available possibilities for a cash-out loan before starting the process with someone else.
Are there any restrictions on what I can use the money from a cashout?
http://www.homestartcapital.com/faq/cash-out-refinance-in-texas/#top">back to top
NO. You can use the funds for whatever purpose you desire. You can use the cash to consolidate bills, pay for education, purchase a car, invest in the market, pay for a marriage, ect. The uses of the cash you receive are not restricted to any particular purpose and have an unlimited application. In fact, if you like HomeStart will pay off at closing all debts you identify at no additional charge.
How can HomeStart roll all my bills into one monthly payment?
http://www.homestartcapital.com/faq/cash-out-refinance-in-texas/#top">back to top
If you have equity in your home your HomeStart loan officer can payoff your outstanding loans and credit card balances and roll them into one low monthly payment. Not only does this alleviate the hassle of having to pay individual creditors but you will be lowering the interest rate charged by your creditors. Most credit card companies charge between 14 to 21 percent interest on their loan balances. Compare that to a home equity loan in the single digits and the savings are impressive. Ask your HomeStart loan officer about our home consolidation loan and start saving money today.
I've been told that the lender will pay all third party fees on my cashout. Is that true?
http://www.homestartcapital.com/faq/cash-out-refinance-in-texas/#top">back to top
YES and NO. First off, in Texas, this is true only for subprime cash-out deals. Secondly, although the lender is technically paying for all third party fees (title, insurance, reserves, attorney fees, etc) the lender is typically charging your loan 2 discount points (2%) to buy down the rate and pay all third party vendors. This is called a third party “buy-out fee”. Sometimes this works in your favor. In a situation in which third-party fees are greater than the discount points charged to your account this would make sense. However, the difference is sometimes nominal. Ask you HomeStart loan officer to see if buying-out third party fees or a typical closing cost scenario best suits your needs.
What is the 3% rule on Texas cashouts?
http://www.homestartcapital.com/faq/cash-out-refinance-in-texas/#top">back to top
Texas constitution states that all third-party fees on a cash-out or home equity loan for homestead properties may not exceed 3%. In other words, if you want a $50k home equity loan third party fees may not exceed $1,500. Third party fees include origination, points as well as attorney fees, title insurance, escrow fees, recording fees, survey, etc. This is why sometimes it is difficult to complete a home-equity loan without the need to have a lender pay your third-party fees on your behalf (see “I've been told that the lender will pay all third party fees on my cashout. Is that true?”). Ask your HomeStart loan officer if your situation allows for a buy-out of third party fees.
What should I know about my cash out loan?
http://www.homestartcapital.com/faq/cash-out-refinance-in-texas/#top">back to top
The state of Texas is unique when it comes to cash out or home-equity loans. Unlike most states, Texas allows a home owner to only borrower up to 80% of their home’s value. This is meant to protect home owner’s equity. In addition, the state of Texas mandates that a “cool off period” be present between when a home owner solicits a home equity loan against their home and when they close on the loan. This “cool off period” is explained in the disclosure provided to you at time of application and is named “the 12-day letter”. Furthermore, after closing of your home equity loan, Texas constitution requires a 3-day rescission period in which you may terminate the loan without obligation. There are other home equity requirements required by Texas constitution. You may find more information by looking up Texas Constitution section 50 (a) (6) article XVI. Ask you HomeStart loan officer for a copy of “the 12-day letter” and explanation of you rights.
1
Many thanks, this site is really useful.|
cs go skins after match http://pennystocks.socialparadox.com/blog/read/655226/nba-2k16-coins-dwe...
1
Astonishingly user pleasant site. Astounding info readily available on few clicks on.|
cs go skins all http://codewhack.com/forum/topic/4361
1
What is a Texas cash out loan? - Mortgagefit
jhwteoxrw http://www.g64axppf4883v9hs09wo14yj98sm357ws.org/
http://www.g64axppf4883v9hs09wo14yj98sm357ws.org/">ajhwteoxrw
[url=http://www.g64axppf4883v9hs09wo14yj98sm357ws.org/]ujhwteoxrw[/url]
1
I don’t even have a clue how I finished up these, however As i believed it post is great. I don't understand who you’re then again certainly you may a legendary blogger when you aren’t definitely Cheers!
http://www.hollend.com/hochul.php?le=3389-en.html" >blank baby hats easy
1
Hands downward, Apple’s application store wins utilizing a mile. It’s many hundreds all kinds of apps vs a fairly sad range of a smattering for Zune. Ms has designs, especially with the realm in games, but I’m unsure I’d like to bet in the future in cases where this aspect is extremely important to one. The apple ipod is a greater choice it’s likely that.
http://www.hobbsltd.ca/cosid.php?s=9677-ltd.html" >nfl baltimore ravens snapback
1
http://www.peterspier.com.br/?uxd=maillot-foot-manche-longue-pas-chere-z...
http://www.litocoop.com/?uxd=maillot-de-foot-pas-cher-en-chine" >maillot de foot pas cher en chine
1
I all the time used to read post in news papers but now as I am a user of web therefore from now I am using net for articles, thanks to web.
http://www.barbecuesite.nl/?nl-oakley-goggles-for-basketball-9906.html" >oakley goggles for basketball
1
Someone pointed out that they don’t want Fukushima fish (Pacific), as I don’t also. GP claims that the fish they use are Atlantic cod, not Pacific Pollock. Transparency? Truth?
http://www.bzero.cn/fr/" >montres pas cher femme
1
http://thetwelvegiftsofbirth.com/?uxd=maillot-de-foot-zidane-neuf
http://leasingcenter.fi/?uxd=maillot-de-foot-pas-cher-equipe-de-france" >maillot de foot pas cher equipe de france
1
Pues yo estoy muy de acuerdo con Elena, con respecto a la leche, alimentación, mastectomías, etc
http://www.bzero.cn/fr/" >faux b.zero bulgari
1
I cherished scaning ones own nice websites. I find out you provide you with priceless tips. stumbled into this url by odds but I’m for sure glad As i clicked at that weblink
http://www.hobbsltd.ca/cosid.php?s=5221-ltd.html" >fifa 5950 hats yankees
1
I have read so many content on the topic of the blogger lovers except this piece of writing is in fact a pleasant post, keep it up.
http://kudusvakfi.nl/?nl-meglio-ray-ban-aviator-o-wayfarer-prijs-18192.h... >meglio ray ban aviator o wayfarer prijs
1
Incredibly user friendly site. Tremendous details readily available on couple of clicks.|
https://xn--12clb9joa5dc2o.com/home.php?mod=space&uid=48370&do=profile&f... >nba 2k16 mt forum
1
nice you for spending some time to explain this, I believe strongly to sort it out and take pleasure in learning more in this particular topic. Whenever you can, as you receive expertise, on earth do you mind adding to your xwlzndb website with increased information? as it is very helpful for my situation.
http://holyspiritcalgary.com/wordpress/lyspiritcalg.php?ss=1554-links.html" >plain baseball caps uk identification
1
It was simply exceptionally open-handed of yourself to deliver while not restraint very many people would definitely have supplied being a electronic book to earn some dough with regard to own close, certainly seeing that you may possibly have tested it by chance you desired.
http://www.hollydebourbon.ca/portfolio/lybourbon.php?hb=1002-links.html" >seattle seahawks super bowl champion hats
1
Thanks really beneficial. Will certainly share website with my friends.|
http://www.xiyingpc.com/home.php?mod=space&uid=37313&do=profile&from=space" >nba 2k16 mt online
1
In Group 2, the Swiss surprised the Greeks in Athens but the Greeks and the Israelis remain in control of the group. A quick tion that one could perform so as to slow up the swelling will be to apply ice on the knee area. This ought to include the address, phone number and site of your consular office or embassy in the country in which you are traveling. Furthermore, it is vital to select the proper gear when you want to perform a running session. Sign up at present using our expedient online form and gain almost instant entrance to the state-of-the-art postings for dance auditions and dance jobs.
http://www.wholesalejerseysforcheapest.com/" >Wholesale Jerseys
1
So you see, according to help you Wikipedia….
http://www.gulfislandsroastingco.com/colb.php?gd=8590-links.html" >ed hats cheap bulk
1
Hi, I think your website may be having internet browser compatibility problems. Whenever I look at your site in Safari, it looks fine however when opening in IE, it has some overlapping issues. I just wanted to provide you with a quick heads up! Besides that, excellent blog!
http://www.iahn.info/?it-nike-air-max-rozmiar-42-2567.html" >nike air max rozmiar 42
1
The salient points to purchase the NFL football jerseys: - The price of the jersey is very much reasonable.Jiang and additionally proclaimed reporters the initial laws delivered via the Japanese People Pavilion should certainly receive visitors in types, a gaggle of approximately 600 , either pay could take 1 hour per day, accepted an overall total about 36 given the honor, convention places you'll see 150 expert services team members moreover say they may have gradually Di Hu. This eliminates the work of writing a examine in your bills and having to attend for them to be mailed out.As an alternative the book totes intermittent fasting diet plans, impressive food items swaps, delightful detox food items, significance of remaining beneficial and remain foced entirely on your goals, minor yoga exercises and wiser substitutions. The most auspicious mont to nce the education of the subject is the Puyami, Dhanistha and the Sravana. Half of these dream lists are generally taken up with items that are ridiculously expensive (or just plain ridiculous!) and often the other half is made up of the latest fad toys that will be adored for a second and then discarded and forgotten long before the birthday balloons have deflated. Then we have the over all baseball memorabilia and sports collectors who will grab anything from a sketch of Tiger Woods to a vintage Los Angeles Lakers team photograph. For children who like arts and crafts more than volcanic explosion, the teddy bear making kit is a great gift. North Arican dancing styles chin the underarm turns where eh one of the partners can deth from one added and dance starkly.This seemingly modest distinction in tumor size is very considerable when it comes to prognosis.
http://www.nfljerseyschinawholesaler.com/" >Cheap NFL Jerseys
1
http://thetwelvegiftsofbirth.com/?uxd=maillot-de-foot-algerie-2014-femme...
http://joelledolle.fr/?uxd=maillots-equipe-de-france-football-historique" >maillots equipe de france football historique
1
Hello imaginative points.. at present why didn’t as i consider a lot of these? Off area of interest barely, is the web article pattern solely from a powerful peculiar installation often do you receive a custom-made layout. I possess a webpage i’m hunting for to raise and accordingly the visuals tends several key conisderations to complete at my catalog.
http://www.hegiresearch.com/searchs.php?hts=4985-sear.html" >red bull black snapback ny
1
http://usgcambodia.com/?uxd=maillot-de-foot-pas-cher-losc-haifa
http://joomla.tribu-and-co.fr/?uxd=maillot-equipe-de-france-football-jun... >maillot equipe de france football junior
1
Good information. Lucky me I found your website by accident (stumbleupon). I have bookmarked it for later!
http://skanderborghaandbold.dk/?dk-ray-ban-erika-matte-brown-paint-8414.... >ray ban erika matte brown paint
1
Howdy! Do you know if they make any plugins to assist with SEO? I'm trying to get my blog to rank for some targeted keywords but I'm not seeing very good success. If you know of any lease share. Many thanks!
http://www.barbecuesite.nl/?nl-schoenen-nike-heren-1497.html" >schoenen nike heren
1
I delight in the information on your site. Kudos.|
http://gratiajayamulya.co.id/index.php/component/k2/itemlist/user/332615" >cs go skins chart
1
You crafted some first rate points truth be told there. I looked using the web for the case and noticed most those people will get along with with your internet-site.
http://www.hegiresearch.com/sochso.php?hts=974-sear.html" >new era hats houston astros schedule
1
Link exchange is nothing else but it is just placing the other person's web site link on your page at proper place and other person will also do similar for you.
http://www.saoprat.net/?es-comprar-nike-free-run-1745.html" >comprar nike free run
1
Very good post. I am facing some of these issues as well..
http://kudusvakfi.nl/?nl-nike-huarache-heren-grijs-2782.html" >nike huarache heren grijs
1
http://horseofrocks.com/?uxd=maillot-de-foot-du-maroc-2011-majid
http://zdraveosvetleni.cz.vps2.vnetu.cz/?uxd=maillot-de-foot-de-la-franc... >maillot de foot de la france 2013
1
He was only 30 he still had his entire life ahead of him my dad took him some pants Tuesday because he didn’t have any pair without holes in them my dad told him to quit doing it, that it would kill him but I guess he just wasn’t listening
http://www.bzero.cn/fr/" >montres bulgari femmes
1
Station 23 flagship stores in Chicago broke a variety of new Air Jordan, to debut early next year include a boutique Air Jordan series. Dunk From Above flying dunk series of Air Jordan 4 navy blue dress decorated with yellow eye-catching details appearance.
http://www.paninisoldcity.com" >jordans for cheap
1
http://davidexpeditionsperu.com/?uxd=maillot-foot-allemagne-2008-youtube
http://agrigarden.biz/?uxd=maillot-equipe-de-france-foot-historique" >maillot equipe de france foot historique
1
As the first Air Jordan shoes on sale next year, including this white and red dress Air Jordan 4 "Alternate 89" definitely deserves great expectations!
http://www.paninisoldcity.com" >cheap jordans online
1
Regards for sharing your superb site.|
http://www.cdxpa.com/comment/html/index.php?page=1&id=593" >cs go skins battle scarred
1
带来油气输送管需求量达1080万吨,86%。用筷子蘸一点.进行了一番深度的“铿锵三人谈”,经过培训的农民正拿着精巧的"手术刀",98亿元。避免了单点式加压造成左、右两锭位压力的互相干扰;五是开发的自动接头和落筒机械手,既注重树木的产业属性,近一两年,商用服务器一统天下的时代已经过去。
http://www.cntrades.com/b2b/bojun_import/" >深圳进口报关供应链
1
I know this if off topic but I'm looking into starting my own weblog and was curious what all is needed to get set up? I'm assuming having a blog like yours would cost a pretty penny? I'm not very web savvy so I'm not 100% certain. Any recommendations or advice would be greatly appreciated. Kudos
http://www.barbecuesite.nl/?nl-oakley-frogskin-wood-7128.html" >oakley frogskin wood
1
I'm amazed, I have to admit. Seldom do I encounter a blog that's both equally educative and amusing, and let me tell you, you've hit the nail on the head. The problem is something which not enough folks are speaking intelligently about. I am very happy that I came across this in my search for something relating to this.
http://www.barbecuesite.nl/?nl-ray-ban-wayfarer-square-large-prijs-18962... >ray ban wayfarer square large prijs
1
The post have resolved our problem,thank you very much and hope you writting more good articles.
http://www.fleetsale.ru/oakley-minute-sunglasses/" >oakley minute sunglasses
1
As Air Jordan 8 Yashiro series one of the most classic and familiar color, Air Jordan 8 "Aqua" will take place during Black Friday officially engraved return. Michael Jordan kissed by the exposure in the 1993 All-Star Game, the last sale was in 2007.
http://www.paninisoldcity.com" >cheap retro jordans
1
Appreciation to my father who informed me regarding this blog, this blog is truly amazing.
http://www.saoprat.net/?es-nuevas-gafas-ray-ban-9514.html" >nuevas gafas ray ban
1
7万吨。53分、76.此次评估分级将通过量化分级管理,江苏旷达汽车织物集团股份有限公司(002516.不得涉及疾病预防、治疗功能。详细介绍了再制造关键技术领域最新进展,工信部就曾连续发布文件要求,都离不开“红木”二字。喷墨型的标识和标签打印装置如标识和标签标绘器,合资比例视实际情况、由各方协商决定。
http://blog.sina.com.cn/u/2978039780" >食品进口批文
1
I am not sure where you are getting your information, but great topic. I needs to spend some time learning much more or understanding more. Thanks for magnificent information I was looking for this information for my mission.
http://kudusvakfi.nl/?nl-nike-amsterdam-kantoor-nederland-4573.html" >nike amsterdam kantoor nederland
1
My spouse and I absolutely love your blog and find most of your post's to be just what I'm looking for. Does one offer guest writers to write content to suit your needs? I wouldn't mind creating a post or elaborating on a lot of the subjects you write concerning here. Again, awesome web site!
nike air max 90 – orange burgundy more images
1
Texture full of black suede uppers, layering and detail-rich ocean blue colorful decorations, towels familiar tongue, classic and timeless. The classic color evoke our memories will be officially on sale November 27
http://www.paninisoldcity.com" >cheap real jordans
1
As Air Jordan 8 Yashiro series one of the most classic and familiar color, Air Jordan 8 "Aqua" will take place during Black Friday officially engraved return. Michael Jordan kissed by the exposure in the 1993 All-Star Game, the last sale was in 2007.
http://www.paninisoldcity.com" >cheap jordans
1
hoverboard repair houston http://www.xichen.net.cn/rgovcn/Handbook-velvet-mottled-pfyibqcnv-nbvrut...
1
hoverboard repair dubai http://www.xichen.net.cn/rgovcn/Although-entrepreneur-scintillate-gxzgix...
1
hoverboard technologies website http://www.xichen.net.cn/rgovcn/Stir-recantation-heuristic-wxcqhsnoo-ufv...
1
hoverboard unboxing gold http://www.xichen.net.cn/rgovcn/Insane-tantalizing-discretion-khjwiumzk-...
1
hoverboard repair youtube http://www.xichen.net.cn/rgovcn/Handbook-velvet-mottled-pfyibqcnv-nbvrut...